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Senators Smith, Rounds Reintroduce Bipartisan Bill to Spur Economic Development in Underserved Communities
WASHINGTON – U.S. Senators Tina Smith (D-MN) and Mike Rounds (R-SD) reintroduced bipartisan legislation to jumpstart economic development and address disparities in access to capital. The bill would strengthen and expand Community Development Financial Institutions (CDFI), which play a critical role in bringing capital and financial services to a wide range of small businesses, homeowners and housing developers. Their legislation—the CDFI Bond Guarantee Program Improvement Act will extend authorization of the CDFI Bond Guarantee Program, while making it more reliable and accessible to smaller CDFIs. This legislation will expand and improve a successful program that operates at no cost to taxpayer and allows CDFIs to access long-term, stable funding. The CDFI Bond Guarantee Program was established in 2010 to provide long-term, low-cost capital to CDFIs, which use the funding for economic development activities in underserved communities. The program’s authorization lapsed in 2014, but it has been extended on a year-by-year basis in annual appropriations bills. Under current program rules, borrowers must have a loan size of at least $100 million – which means that the program can only be used for relatively large projects. “Unequal access to capital and financial services is a key driver of economic disparity around Minnesota,” said Sen. Smith. “This legislation will jumpstart economic development in these communities by expanding and enhancing a program with a track record of effective capital investment and community development.” “Since 2010, the Community Development Financial Institutions (CDFI) Bond Guarantee Program has extended long-term, low-cost capital to underserved communities across America,” said Sen. Crapo. “By reducing the minimum dollar amount for each loan,
U.S. Senator Tina Smith’s Statement on Trump Administration’s Move to Abandon Minneapolis Police Reform
WASHINGTON, D.C — Today, U.S. Senator Tina Smith (D-Minn.) issued the following statement on the Department of Justice’s decision to withdraw the federal consent decree with the Minneapolis Police Department: “I am deeply disturbed by the Trump administration’s decision to abandon the federal consent decree with the Minneapolis Police Department. This decree was based on the Justice Department’s own investigation, which found a pattern of unconstitutional and discriminatory policing practices that have hurt our community, especially Black and Native American people and people with mental illness, for decades. “It’s especially painful that this decision comes on the eve of the fifth anniversary of George Floyd’s murder—the very tragedy that sparked this investigation and the urgent push for reform. I led the call for that federal civil rights investigation because Minnesotans deserve accountability and reform. Walking away from this agreement, after confirming the need for it, is unconscionable. “Thankfully, the City of Minneapolis and Minnesota state leaders continue to stand on the side of justice. I’m grateful that the state-negotiated consent decree remains in place to continue working toward meaningful reform. The Minneapolis Police Department has taken steps in the right direction and is committed to continuing that work even as the federal government walks away. “Every Minnesotan deserves to be safe in their homes and neighborhoods, and that safety must include freedom from unconstitutional and discriminatory policing. This work isn’t finished yet, and we will keep holding ourselves accountable.”
As Child Labor Violations Skyrocket, Senators Smith, Casey, Murray Introduce Legislation to Combat Child Labor Exploitation
Washington, D.C. – Today, U.S. Senator Tina Smith (D-MN) joined Senators Bob Casey (D-PA) and Patty Murray (D-WA) introducing comprehensive labor legislation to protect children from exploitative child labor practices and hold companies and individuals who take advantage of them accountable. The Children Harmed in Life-threatening or Dangerous (CHILD) Labor Act cracks down on employers who violate child labor laws with much stronger federal penalties and allows children who have been exploited to sue their employers. The bill authorizes the Department of Labor to label and restrict the shipping of goods that are produced with child labor. It also provides
U.S. Senators Klobuchar, Smith Announce Significant Federal Funding to Support Conservation and Climate-Smart Agriculture
WASHINGTON, [10.25.23] – U.S. Senators Amy Klobuchar and Tina Smith (both D-MN) announced over $150 million in new funding for climate-smart agricultural and conservation programs in Minnesota. The investments are part of the Conservation Reserve Program (CRP), which offers payments and other incentives to address climate change and achieve natural resource benefits. “The Conservation Reserve Program helps equip our farmers with the tools to conserve and improve soil, water quality, and wildlife habitat. And Minnesota farmers and landowners’ participation rates are among the highest in the country,” said Klobuchar. “This critical funding will not only increase economic opportunities but will
U.S. Senators Klobuchar, Smith, Announce Significant Federal Funding to Help Minnesota Families and Seniors With Heating Costs
WASHINGTON, D.C. — Today, U.S. Senators Amy Klobuchar and Tina Smith (both D-Minn.), announced over $112 million in federal funding to help families and seniors pay for energy costs this winter. The funding was made possible in part through the Bipartisan Infrastructure Law, which both Klobuchar and Smith helped pass. “As Minnesota prepares for winter, families shouldn’t have to choose between heating their homes or buying other necessities,” said Klobuchar. “This federal funding will help families and seniors across our state pay their energy bills and keep their homes warm.” “As the temperature starts to drop in Minnesota, everyone should be able to
Senator Smith, Colleagues Introduce Senate Resolution in Solidarity with UAW Workers on Strike
WASHINGTON, [10.19.23] – U.S. Senator Tina Smith (D-Minn.) joined Sen. Bernie Sanders (I-Vt.), Sen. Sherrod Brown (D-Ohio), and 31 of their colleagues in the Senate to introduce a resolution in solidarity with 150,000 members of United Auto Workers (UAW) bargaining for a fair contract. Autoworkers voted to go on strike in September– calling for a fair share of the record-breaking profits their labor produces as well as cost-of-living adjustments, an end to two-tier wage system, and restoration of pension benefits. Since then, the strike has expanded to 44 locations across 22 states. It is one of the largest U.S. strikes
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